operations my report focuses on r.b.s. and what we're saying is that they're restructuring division georgi acted in a way that the businesses that they were supposed to be helping get back to health were taken and put into distress for the benefit of the bank we actually see r.b.s. has it's own property company called west register and we're seeing r.b.s. owning those customers property as after they've been in distress tomlinson's report is twenty pages of examples and findings under headings like engineering the defaults and excessive fees in response r.b.s. said in a statement no evidence had been provided to support the allegation that the bank had systematically profited on the backs of their customers and they'd be looking into it fully christened ernie's hotel is now a thriving business fitted out exactly as they left it but it belongs to the bank

and their lives have been destroyed which put me from a very wealthy man back on tax credits. more family suffered heavily through this. bank's property company and the hotel more was but after last year. she sadly. got cancer in march this year and she'd already my. three three girls the one answers and justice determined to fight back chris and ernie cling to the idea that one day they'll walk through these doors as owners of the hotel again laura smith artie kent. this week author docs christians around the world celebrated christmas was. in moscow around a quarter of a million believe this took part in a when i services in the capital three hundred and twenty six churches the biggest

one was held at the main vices save the drop it was a double celebration for worshippers as at the same time hosted a relic known as the gifts of the laci said to be the gifts a given to jesus by the three wise men long queues formed take a look at the record. i'll be back with more news as well as a recap of the week's main events in about half an hour's time now it's time for the weekend's business program venture capital. he survived war atrocities. to make

a final decision. has changed his life and the world around him. by giving up. hope. and love to so many children. nikolai the american worker on on t.v. . just. some.

hello happy new year well covert to venture capital in the far side of twenty fourteen we'll be looking ahead to what's in store for the year it's a greece now holds the presidency the salt sheet winter olympics are less than a month away from now so we are asking how the money spent on the games can be made by business stories in the u.s. as temperatures drop to china goes cold on the big coin on another russian the find . and go parties but first let's get stuck in the salt talking about greece because greece took over the european union's president say this week but instead of crowds of cheers protests broke out from greece who is that what they see as interference weak economic growth high unemployment and strict austerity the greek government has made it clear that though be no more in full dictated upon the country from brussels with the finance minister you have us still not as

a saying just hey you can say. it's simply too tough now it's not just greece because portugal has also hit out at the e.u. this week care with members of the country's parliament criticizing lawmakers for their lack of flexibility and knowledge of local realities when referring to the levels of austerity expects is on the economy but despite all of this resentment latvia the eastern european country this and thought that was financial fallout from the two thousand and eight crash has just welcomed the. it can't be that bobbing or can it while recent encouraging economic stats coming out of europe including retail sells it is sometimes hard to tell what exactly is going on now let's get a better analysis from nick parsons from national australia bank nick can you tell me what is in store for the eurozone in twenty fourteen.

where the good news for the eurozone in twenty fourteen is going to be a lot better than it's been for the last couple of years when fortunately that doesn't set the bar very high you were and only came out of recession in the second quarter of two thousand and thirteen but even then the two quarters of growth we've seen of been only plus point three and most recently plus north point one so statistically we're going to call it a recovery the economy should grow something like one percent better than anything that we've seen for the last couple of years but in absolute terms not very good and certainly not enough to bring down unemployment to anywhere near acceptable levels across the majority of the euro zone and what about greece let's rein in on that country for now because of course it's got the e.u. presidency what does that actually mean do you think that greece is on to a better track or is the track still broken. but i think it's on track the worry

for greece has got to be about the destination. unfortunately we've had four years of recession very deep recession which is seeing g.d.p. fall by somewhere between twenty five and thirty percent the economy is going to be repaired things i think will get gradually better but there's little or no prospect of the greek economy over the next two or three years getting back to anything like the sort of prosperity that the danger prior to joining the single currency so it's going to be a very very long and very difficult journey and the problem that greece is going to face the think will hear more and more of this is the fact that politically the governing parties have only got a very very slim majority they hold a hundred fifty three seats out of three hundred in the greek parliament and there are limits to what they can actually push through from here all in we mentioned the politics in the eurozone in general this seems like in terms of the economics it is

slowly improving as you mentioned but the political situation just think the tensions are getting wireless. or politics is going to matter in two thousand and fourteen more than it is done so for a couple of years and the reason for that is that in may we have the elections for the european parliament you know we've already seen in france in particular that there's a hardening of anti sentiment the far left in the far right together in france but polling around thirty three percent in the latest opinion polls we're going to see are i think these president these european parliamentary elections being the catalyst for a lot of antigovernment demonstrations in italy in spain and elsewhere and i think politics is going to become more important in fourteen that it wasn't any point in two thousand and thirteen and something else i want to ask you nate is the facia because that's the word that seems to be doing the rounds at the moment and it's

curious because it's always been in inflation that's been the concern is now de face in the concern and if it is why. deflation is coming very much onto the radar screen at the moment let's remind ourselves where we are called prices in europe are increasing at a rate of just no point seven percent year over year now the e.c.b. he's got a target to deliver close to but just below two percent so inflation is lower than the e.c.b. would like the problem is that if forming inflation becomes falling prices then there is a risk and it's only a risk rather than an absolute certainty but there's a risk that europe slides into the kind of trap that japan had in the one nine hundred ninety s. whereby consumers found it easier to perspire on purchases of goods equipment services because they knew or felt that they would be cheaper at some point in the

future so the problem with deflation is that whilst on the one hand it can increase real incomes which you would say is a positive on the flip side it reduces the sense of urgency and it means that consumers can be rewarded for owning purchases rather than buying now the problem with prices that just no point seven percent year over year is it can take just one or two months shocks to take is below that zero level so if you like it's it's like an airplane almost approaching stall speed there has to be a minimum level of inflation to give you comfort that we won't drop below the zero line because if we do drop below the zero line that could have some fairly negative consequences for businesses and for investors in credit markets across europe all right lots to look out for this year then next thank you have a smart safir they put out information really appreciated it passes that from

national australia bank it's now less than a month until the winter olympics kicks off and russia's black sea resort of sochi city has undergone quite a trial. summation eighty five percent of the region hearts rebuilt from scratch at a grand total cost of fifty one billion dollars making tsotsi the most expensive living games in history and one of the biggest money spenders is russia's investment company basic elements responsible for the village a marina and revamping the airport at a total cost of one point four billion dollars now venture capital caught up with a company and asked what the government could do to get people to the country post the games and help make those billions by. one of the ideas is to open sky for the all the international airlines to get to sochi why it's there's a lot of interest in european airlines to go direct to sochi and open regular

flights there will be trigger a number one the second one is that what we're thinking is to get he was the government that there will be a certain period of time one ninety six hours or maybe more for a normal visa requirements for the people can come from other countries without any visa requirement or we can stand on the border something like that simplified procedure hopefully make it easier because then you can have a long weekend idea why don't i go to sochi and see where all these you know famous olympic games to please and we see there's a lot of this pressure the short term after the olympics people would want to keep those who would be shy to come for the event itself they would be very keen to come off during testing you know themselves in a calmer motorbike said sphere and this is a number of different ideas and unfolds before internal travel as well you know all the children scams like the old educational programs different

events you know g. eight is going to happen and so each of the formula one is going to be a trigger event on their on their you or in your bases are they you should become you know should kind of update it seem richard so she has you know go through serious rebranding intro a mixture of you could have been successful it will be a lot of kind of movement oh i like the sound of those visas getting easier to get a hold of my friends and family will no longer have an excuse not to come and visit maybe watching right now staying with russians went back to work this week so let's get involved with the corporate news and see what's been happening so the privatization of most days largest need to write has been approved to go. i'm currently owns three quarters of the harbor and leave the stock entirely by twenty six days. and the long awaited multi billion dollar deal between russia's gazprom

and china's c. and p. c. is said to be within reach according to sources close to the company the deal was satisfying china's energy demands for decades and transform gas problem finding a new pipeline system between siberia and the davis star. and it's a bad start to the year for one of russia's banks yes we knew civil bank has had its license revoked due to high risk and this was twenty nine russian vines were removed from the market in twenty as the government continues its clampdown on the overcrowded industry. and the freezing temperatures the u.s. has been enduring this week could cost the economy five billion dollars temperatures plummeted to below zero in all fifty states which meant people say hi i'm not venturing out to the shops so therefore ferry little productivity and the only five thousand flights were either counseled or delayed now the last cold

snap back in twenty ten cost the country an estimated twenty eight billion dollars but that's because it lost it much longer of course now twenty fourteen is set to be another controversial one a fall debate coin o.e.s. the virtual currency has been banned by china's biggest online shopping group ali baba china is still the world's biggest use of the big climb but the government is clamping down on its usage that this follows the central bank's ruling in december that behavior any companies from handling because they people's bank of china said that because he does not possess the actually of a currency such as legal repayment and in forstmann ability is not individuals though. they are still free to buy and sell but point out that i own risk so i have a feeling twenty fourteen is going to be the murder case for the big calling about . is eight pills a day so that is

a bench capsules on the doorstep i'm going to be on twitter awake so i'd like to invite you to join me on that one get involved with me is katie feel brave take on i'll see you next week if i cannot have a great well. if you've got nothing and you've got no opportunity. to start to construct your current. you don't want to be bad you don't want to be gangsters you don't want to be. drug dealers they don't want that but we know the time that he came to be we can see. just me as i was when i was in the hood but he also very very welcoming.